The global industrial fastener market is expected to grow from USD 84.9 billion in 2016 to USD 116.5 billion in 2022, with an average annual compound growth rate of 5.42%.
In recent years, with the economic and industrial development of China, the United States, Russia, Brazil, Poland and India, it will further drive the growth of fastener demand. In addition, the growth of household appliances, automobile industry, aerospace manufacturing, construction industry, electronic industry, mechanical equipment manufacturing and manufacturing after-sales market will also stimulate the rise of fastener market demand.
The United States, Germany, Britain, France, Japan and Italy are importers of fasteners and exporters of high-quality fasteners. In terms of product standards, the United States, Japan and other manufacturing developed countries started their development early and the industry standards are perfect. There are certain technical advantages in fastener production.